Wall Street is dumping Bitcoin at a record pace — ride the selling pressure down
Investors have pulled $2.8 billion out of Bitcoin ETFs over nine straight days — the longest withdrawal streak since these funds launched. Meanwhile, Bitcoin has slipped to April lows around $74,000 even as the stock market keeps hitting new highs.
Idea
Big investors are dumping Bitcoin at a record pace — $2.8 billion has flowed out of Bitcoin ETFs in just nine days. That's the longest streak of withdrawals ever for these funds. Normally Bitcoin and stocks move together, but right now the S&P 500 is approaching all-time highs while Bitcoin slides to multi-month lows. This kind of divergence usually means there's a specific problem with Bitcoin, not just general market nerves. With a massive $9 billion in options contracts expiring soon and sellers firmly in control, the path of least resistance looks to be further down. A short position here bets that the selling pressure continues before any meaningful bounce.